Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gallatin CUSD #7 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gallatin CUSD #7 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Indirect Facilities & Administration Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gallatin CUSD #7 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate.
The auditee elected not to use the 10% de minimis cost rate.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gallatin CUSD #7 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate.
Of the federal expenditures presented in the schedule, Gallatin CUSD #7 provided no federal awards to subrecipients.
Title: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Gallatin CUSD #7 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Auditee elected not to use the 10% de minimis cost rate.
The following amounts were expended in the form of non-cash assistance by Gallatin CUSD #7 and should be included in the Schedule of Expenditures of Federal Awards: Non-Cash Commodities (CFDA 10.555) $32,137. Total non-cash $32,137.